Brazilians’ Unending Love for Miami

Buyers from the South American nation show unrivaled interest in the city’s real estate

By Andrea López CruzadoOriginally published on August 28, 2015|Mansion Global|

Brazil sank into a technical recessionFriday after its gross domestic product shrank for a second consecutive quarter between April and June; per capita incomes for Brazilians have gone down since 2014 and the national currency, the real, has lost a quarter of its value in 2015.

But when it comes to interest in Miami real estate, South America’s biggest economy hasn’t taken a step back.

According to the Miami Association of Realtors, Brazil led all global consumers searching for South Florida real estate on the group’s website, Miamire.com, in June 2015. It was the 13th consecutive month that Brazil topped the list. The country has also been the number one foreign country searching Miamire.com in 16 of the last 19 months.

Brazil was followed by Colombia, Canada, Venezuela and Russia. Ukraine, which had never made the top 10 countries, grabbed the sixth spot. Mexico, which in June 2014 was ninth, is no longer among the main visitors to Miamire.com.

In 2014, Brazilians represented 11% of all South Florida international real estate deals, according to the National Association of Realtors. However, the depreciation of the real and the country’s economic and political turmoil could damper Brazilians’ interest or purchasing power in real estate abroad. In the 12 months ended June 2014, Brazilians accounted for about 6% of foreign Florida buyers, compared with 9% in 2012, according to a report prepared by NAR for the Florida Realtors..